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Egypt's stocks up 0.3% Thursday on QNB-NSGB deal

Egyptian shares see mild gains on Thursday after the completion of an acquisition deal in the banking sector

Ahram Online, Thursday 28 Mar 2013
Egypt
File photo: A view from the Egyptian stock market in Cairo (Photo: Reuters)
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Egypt’s stocks rose slightly at the end of  the week’s trading on Thursday after the market saw the execution of a deal between Qatar National Bank (QNB) and the National Société Générale Bank (NSGB).

EGX30 rose by 0.3 percent recording 5,183 points as QNB has acquired 430,782,421 NSGB shares, representing 97 percent of the total, at LE38.65 ($5.68) per share.

Accordingly, NSGB shares will be excluded from the Egyptian bourse indices as of 7th April.

NSGB ended Thursday’s session down 8.1 percent.

Due to the aforementioned deal the market saw significant participation from Arab and foreign investors reaching 50.2 percent and 43 percent respectively.

Arab investors were the only net-buyer of some LE16.2 billion, while Egyptians and foreign investors were net-sellers of LE1.8 billion and Le14.4 billion respectively.

Heavyweight share-owner Commercial International Bank saw a minor slump of 0.1 percent.

Blue-chip stocks Orascom Construction Industries and Orascom Telecom went up by 0.4 and 3 percent respectively.

Real estate developers Palm hills and Talaat Mostafa Group fell by 0.5 and 0.2 percent respectively, however Six of October Development Investments rose by 0.7 percent.

He broader index EGX70 slipped 0.12 percent in a session that saw total daily turnover of LE317.4 million.      

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